Canada’s jobless rate drops to 5.4%, lowest level in 43 years

Ottawa, Canada’s labor market continued its strong run of job gains, bringing the unemployment rate down to a fresh low since 43 years and adding to evidence the country is emerging from a recent slowdown.

Statistics Canada a newly published report Friday said over the past 12 months, the gain in Ottawa jumped to 453,100. The unemployment rate fell to 5.4%, the lowest in data going back to 1976.

Friday’s report reaffirms the labor market is the main driver of Canada’s expansion, and adds to a recent run of data showing clear signs the country is on the path back to growth after stalling at the end of last year. The currency jumped on the report, which is seen to give the central bank more ammunition to resist pressure to lower borrowing costs.

Quebec City had the nation’s lowest unemployment rate at 2.8 per cent, followed by Sherbrooke, Que. (3.4 per cent), Victoria (3.6 per cent) and Saguenay, Que. (4.1 per cent).

Economists forecast Canadian employment to rise by 5,000, after a record gain of 106,500 in April. Canada’s currency jumped 0.6% to C$1.3279 per U.S. at 11:13 a.m. in Toronto trading.

Source: Jordan News Agency